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Pak Economy Suffers as Exports Fall

Pak Economy Suffers as Exports FallPak Economy Suffers as Exports Fall

The businessmen panel of The Federation of Pakistan Chambers of Commerce & Industry said that exports have registered a fall of over five billion dollars in the last three years, which has pushed the country into a very difficult situation, APP reported. Hundreds of industrial units have been closed, many exporters have became bankrupt, scores of laborers lost their jobs, while the government has to borrow extensively from foreign and domestic sources to save the country from default, it said. Exports in Pakistan are abysmally low, down by 18% from peak in last three years. In terms of GDP, exports are down to almost half from 12% in FY06 to 6.7% in FY17. Some argue that artificial currency peg makes exports uncompetitive while others say lack of incentives, global externalities, energy and security woes etc are responsible. It is not possible to pin down one particular reason as many variables contribute to the slide.

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